Name: Sonovate
Based: London
Website: www.sonovate.com
Sonovate provides contract finance for recruitment agencies placing contractors. Launched in January 2014, it has already overtaken the banks in terms of new deals recorded, to become the number one provider of finance in its market.
Sonovate’s new finance model, combined with its bespoke technology, enables recruiters to focus on billable activity, safe in the knowledge that their cashflow is secure and the administrative burden associated with managing contractors is taken care of.
Its ability to disrupt the industry has already been widely recognised. The company secured a £10m funding line earlier this year from an American bank. This will enable Sonovate to finance up to £250m in contract recruitment over the next three years.
Sonovate has also secured a £4m investment from tech entrepreneur and Bebo founder Paul Birch, who believes in the Sonovate concept.
These investments have enabled Sonovate to take on the banks in a market they have previously dominated for over 30 years.
It’s a huge breath of fresh air to finally have a company which actually understands recruitment, has a modern approach, and provides great customer service.
Richard Prime is the chief executive of Sonovate
